- effect
- ▪ I. effect ef‧fect 1 [ɪˈfekt] noun1. [countable, uncountable] the way in which an action, event, or person changes someone or something:
• Inflation is having a disastrous effect on the economy.
demonˈstration efˌfect [singular]ECONOMICS the idea that people expect or want to buy or have things because they see that other people are able to have them:• The demonstration effect of rising real wages in Europe was another powerful stimulus to trade unionist expectations.
ˈhalo efˌfect[singular] COMMERCE MARKETING when people think that a company is good because it is owned by or connected with another company that is famous and important:• The big companies are luring investors back and creating a halo effect for the rest of the market.
ˈHawthorne efˌfect [ˈhɔːθɔːn ɪˌfekt ǁ ˈhɒːθɔːrn-] [singular]HUMAN RESOURCES the way that the performance of workers improves when special attention is given to them during tests, even if these tests might be expected to have negative effects:• Some job enrichment programmes were initially successful and then failed, suggesting that they owed their success more to the Hawthorne effect than to a deeper understanding of people.
ˈimpact efˌfect [singular] ECONOMICSwhen demand for a product suddenly increases, but the supply cannot be increased for a long period of time:• Analysts are monitoring the impact effect that has been caused by the product's sudden rise in popularity.
ˈincome efˌfect[singular] ECONOMICS the effect that a change in prices, taxes, or wages has on people's income, or people's behaviour in reaction to this effect:• Initially, the income effect of the taxes makes the individual 'buy' less of all normal goods including leisure.
ˈprice efˌfect[singular] ECONOMICS the effect an event can have on the price of something or the demand for something:• The price effect following an interest rate change is greater when an investment is a long way from its maturity date.
substiˈtution efˌfect [singular]ECONOMICS the effect on customers' behaviour when the price or value of something changes. For example, if the price of a product rises in relation to other similar products, some customers may replace it with the cheaper productˈwealth efˌfect [singular] ECONOMICSthe effect of share prices on spending. For example, when share prices are high, investors feel that they can afford to spend a lot of money:• After the stockmarket crash, pessimists cited the wealth effect to support forecasts of deep recession.
2. put/bring something into effect to make a plan or idea happen:• It won't be easy to put the changes into effect.
3. come into effect/take effect if a new arrangement, law, system etc comes into effect or takes effect, it officially starts:• The new tax rates come into effect in April.
4. with immediate effect/with effect from starting to happen immediately, or from a particular date:• Mr Hoskins is appointed manager, with immediate effect.
• Insurance also covers personal effects required during travel on company business.
to make something happen:• You must obtain your client's approval of the estate agent's fees before you effect payment of them.
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Ⅰ.effect UK US /ɪˈfekt/ noun [C]► the result of a particular influence: have/produce an effect »Anti-inflationary measures do not yet seem to be having any effect.
effect of sth (on sth) »The effect of the redundancies on morale has been extremely damaging.
see/feel/suffer the effects of sth »Businesses are already feeling the effects of the new charges.
an adverse/negative/detrimental effect »The slowdown will have a detrimental effect on earnings in the short term.
»a significant/profound/dramatic effect
reduce/minimize the effects »The problem is, how to deal with the demand for more and better goods while minimizing the effect on the environment.
»They questioned whether financial liberalization had had the desired effect (= had done what it was intended to do).
→ See also CAUSE AND EFFECT DIAGRAM(Cf. ↑cause and effect diagram), CURRENCY EFFECT(Cf. ↑currency effect), DEMONSTRATION EFFECT(Cf. ↑demonstration effect), THE DOMINO EFFECT(Cf. ↑the domino effect), HALO EFFECT(Cf. ↑halo effect), THE HAWTHORNE EFFECT(Cf. ↑the Hawthorne effect), INCOME EFFECT(Cf. ↑income effect), PRICE EFFECT(Cf. ↑price effect), RIPPLE EFFECT(Cf. ↑ripple effect), SUBSTITUTION EFFECT(Cf. ↑substitution effect), THRESHOLD EFFECT(Cf. ↑threshold effect), WEALTH EFFECT(Cf. ↑wealth effect)Ⅱ.effect UK US /ɪˈfekt/ verb [T]► to cause something to happen: »The transfer of a business is governed or effected by the law of the country in which the business is situated.
Financial and business terms. 2012.
